Investments in climate action create business opportunities
In a short period of time, carbon capture and storage has emerged as one of the most important measures to rapidly reduce global CO² emissions. If the technology were to be installed at 27 of the largest point emissions in Sweden, the country's carbon dioxide emissions would be reduced by 50 %.
Elon Musk announced early in 2021 that he would donate $100 million to whoever can develop the best technology for CCS (Carbon Capture and Storage). But tested technology is already available and some of the top experts in the field work within the Midroc Group and in Midroc's portfolio company BluCarbon Solutions. Midroc is now running several projects to realize the technology in Sweden.
– CCS is a good example of an in-demand and groundbreaking technology that can contribute to a positive development of the community as a whole. BluCarbon's specialists are paving the way into projects for a broader palette of competences from other parts of Midroc that can help realize the projects, says Göran Linder, CEO of Midroc Invest.
Stockholm CHP plant first in the country
At Stockholm Exergi's research facility Värtaverket, technology to capture carbon dioxide from biomass incineration is tested and evaluated. The existing bio-CCS facility will be expanded to increase energy efficiency and continue to build knowledge in order to deploy full-scale bio-CCS. In a large-scale plant, Stockholm Exergi can capture 800,000 tons of carbon dioxide per year.
BluCarbon Solutions contributes with design and dimensioning, while Midroc's experts, together with the company IMCG International, support clients in their efforts to obtain support for future investments in the technology through the EU's newly started Innovation Fund. Midroc has extensive experience in EU funding and successful financing strategies in sustainable innovations.
– At CCS, we really benefit from Midroc's strong collaborative culture. A lot needs to happen in a short time and in order to realize the projects, both several companies within the Midroc Group and external consulting companies are involved. At the same time, we are running a broader communication project on CCS with webinars and podcasts to create dialogue and collaboration between companies, researchers and decision makers. It is urgent to solve the climate crisis and here we have existing technologies that can make a big difference relatively quickly, says Mikael Kullman, Head of Sustainable Technology Systems at Midroc Project Management.
The obstacles that exist today are mainly about financial instruments. Using CCS costs approximately SEK 1,000 per ton of CO², while an emission right costs approximately SEK 300 per ton. As a result, the business model and funding become important parameters in the projects.
About Carbon Capture and Storage
Carbon Capture and Storage (CCS) is mainly installed at large point emissions, such as combined heat and power (CHP) plants, pulp, cement and steel factories, and refineries. The technology involves cleaning the flue gases and separating, compressing and transporting carbon dioxide to a storage location where it is pumped into the bedrock.
Together with BluCarbon Solutions and IMCG, the Midroc Group can help with the entire CCS chain – financing, design and implementation of CO² capture facilities, compression and storage, as well as other facilities for further transport to final storage.
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